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REGISTERED NUMBER: 02349613 (England and Wales)












WIELAND ELECTRIC LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WIELAND ELECTRIC LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: M Redfern





REGISTERED OFFICE: Ash House, Tanshire Park
Shackleford Road
Elstead
GODALMING
Surrey
GU8 6LB





REGISTERED NUMBER: 02349613 (England and Wales)





AUDITOR: Shaw Gibbs Audit Ltd
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 80,185 74,319

CURRENT ASSETS
Stocks 234,292 131,047
Debtors 5 2,815,801 1,437,422
Cash at bank and in hand 325,471 720,170
3,375,564 2,288,639
CREDITORS
Amounts falling due within one year 6 (1,143,012 ) (866,026 )
NET CURRENT ASSETS 2,232,552 1,422,613
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,312,737

1,496,932

PROVISIONS FOR LIABILITIES (11,032 ) (11,032 )
NET ASSETS 2,301,705 1,485,900

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Other reserves 8 200,000 200,000
Retained earnings 8 1,601,705 785,900
SHAREHOLDERS' FUNDS 2,301,705 1,485,900

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 March 2024 and were signed by:




M Redfern - Director


WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Wieland Electric Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20-33.3% and 10-20%

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Related party transactions
The company is a wholly owned subsidiary of Wieland Holding GmbH. The immediate parent company is Wieland Electric GmbH. The consolidated financial statements of Wieland Holding GmbH are publicly available. Accordingly, the company has taken advantage of the exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' from disclosing transactions with members or investees of the Wieland group.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 202,644
Additions 28,310
Disposals (12,742 )
At 31 December 2023 218,212
DEPRECIATION
At 1 January 2023 128,325
Charge for year 15,423
Eliminated on disposal (5,721 )
At 31 December 2023 138,027
NET BOOK VALUE
At 31 December 2023 80,185
At 31 December 2022 74,319

WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,830,215 1,317,136
Amounts owed by group undertakings 851,396 -
Other debtors 134,190 120,286
2,815,801 1,437,422

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 306,149 128,230
Amounts owed to group undertakings - 21,816
Taxation and social security 511,820 420,750
Other creditors 325,043 295,230
1,143,012 866,026

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 119,826 192,219
Between one and five years 115,546 197,241
235,372 389,460

8. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 785,900 200,000 985,900
Profit for the year 1,219,805 1,219,805
Dividends (404,000 ) (404,000 )
At 31 December 2023 1,601,705 200,000 1,801,705

WIELAND ELECTRIC LIMITED (REGISTERED NUMBER: 02349613)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Andrew Hodgetts (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs Audit Ltd

10. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is Wieland Holding GmbH, a company incorporated in Germany. It has included the company in its group financial statements, copies of which are available from the registered office:

Brennerstrass 10-14
D-96052
Bamberg
Germany